Health technology company Hyperfine has received a $40m loan facility from Horizon Technology for the development and expansion of its Swoop system, a portable magnetic resonance (MR) brain imaging device.

The agreement includes an initial funding of $15m at closing, with up to $25m available for future commercial initiatives.

Hyperfine’s Swoop system, which has received the Food and Drug Administration (FDA) clearance, offers AI-powered, point-of-care brain imaging for patients of all ages.

The technology enables diagnostic imaging in various locations such as intensive care units, emergency departments, smaller community hospitals, and neurology offices.

The device operates without a specialised magnetic resonance imaging (MRI) technician.

Horizon chief investment officer Paul Seitz said: “Hyperfine has built a truly differentiated technology platform that is expanding access to brain imaging in settings where conventional MRI is not accessible, practical, affordable nor readily available.

“With strong clinical and economic evidence, a growing commercial opportunity with expanding sites of care, and a second-generation system that delivers diagnostic quality images, we are excited to support Hyperfine’s continued growth and the broader adoption of point-of-care neuroimaging.”

Hyperfine CEO and president Maria Sainz said: “This facility provides us with the capital to accelerate the commercial expansion of our Swoop system across hospital and office settings as well as globally as we expand the reach and access of MRI for acute and chronic brain conditions providing high clinical and economic value to patients, clinicians and providers.”

Horizon Technology focuses on providing secured loans to publicly traded firms and venture capital or private equity-backed companies in the technology, life sciences and healthcare information and services industries.